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Epic Research Daily Agri Commodity Report Of 14 September 2017



Commodity News

Jeera futures traded higher on NCDEX on the back of pick-up in demand at the spot market. Moreover, restricted arrivals from the growing regions too fuelled the uptrend. The contract for September delivery was trading at Rs 19765.00, up by 0.38% or Rs 75.00 from its previous closing of Rs19690.00. The open interest of the contract stood at 7569 lots. The contract for October delivery was trading at Rs 19315.00, up by 0.68% or Rs 130.00 from its previous closing of Rs 19185.00. The open interest of the contract stood at 8973 lots on NCDEX.

Turmeric futures edged lower on NCDEX on fall in demand at the spot market. Moreover, good rains in turmeric growing areas in Telangana and Karnataka too fuelled the downtrend. The contract for September delivery was trading at Rs 7652.00, down by 0.83% or Rs 64.00 from its previous closing of Rs 7716.00. The open interest of the contract stood at 1135 lots.The contract for October delivery was trading at Rs 7674.00, down by .57% or Rs 44.00 from its previous closing of Rs 7718.00. The open interest of the contract stood at 12085 lots on NCDEX.

Coriander futures traded higher on NCDEX as speculators enlarged their holdings amid firming trend at the spot market due to improved domestic as well as export demand. Besides, fall in supplies from major producing belts also fuelled the uptrend. The contract for September delivery was trading at Rs 4529.00, up by 0.49% or Rs 22.00 from its previous closing of Rs 4507.00. The open interest of the contract stood at 1140 lots. The contract for October delivery was trading at Rs 4920.00, up by 1.28% or Rs 62.00 from its previous closing of Rs 4858.00. The open interest of the contract stood at 39140 lots on NCDEX.

Economic News

Onion exports fell 14 per cent to 9.45 lakh tonnes during April-June of this fiscal, as against 10.98 lakh tonnes in the year-ago period, official data showed. Realisation from exports stood at Rs 11,621.97 per tonne in the said period. The total value of exports stood at Rs 1,098.58 crore and the volumes 9.45 lakh tonnes in April-June of 2017-18, according to the data maintained by the National Horticultural Research and Development Foundation (NHRDF). On an average, 2.5-3 lakh tonnes of onions are shipped on a monthly basis. Onion prices are ruling firm in the domestic market driven by speculations and the government is considering restricting exports by imposing minimum export price. The new onion crop from the 2017-18 kharif season has started arriving in the market and the crop is projected to be better despite poor rains in some growing states.

Growth in food grain production is expected to be much lower this year in the country as less progress has been made in the sowing of summer (kharif) crops than last year, says a Nomura report. According to the Japanese financial services major, the land area sown has fallen across all other crops: rice, pulses, coarse cereals, oilseeds and jute. "Overall, with less than three weeks left in the monsoon season (June-September), the current crop sowing progress suggests growth in food grain production will be much lower this year," Nomura said. "While there could be offsets such as higher horticulture output, higher yields or higher winter crop output, current evidence suggests there are downside risks to our agriculture GVA growth projection of 3.3 percent in 2017-18 (year-end March 2018)," Nomura said. In the case of pulses, oilseeds and jute, the decline crop sowing was a response to low prices, it said adding WPI inflation in pulses, oilseeds and raw jute declined to (-) 33 percent, (-) 14 per cent and (-) 35 per cent year-on-year respectively, in July 2017.

Trading Recommendations

SELL CORIANDER BELOW 4500 TARGET 4470 4430 4320 SL ABOVE 4550
SELL TURMERIC BELOW 7640 TARGET 7610 7570 7520 SL ABOVE 7690
SELL GUARGUM5 BELOW 8160 TARGET 8130 8090 8040 SL ABOVE 8210


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News Release: Epic Research Daily Agri Commodity Report Of 14 September 2017
Submitted on: September 14, 2017 05:16:25 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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